Georgia DCA selects Blakely Commons, Magnolia
Terrace II, and Pecan Grove II for 2007 housing tax credit
Blakely Commons is a proposed 64-home subdivision in Blakely, Georgia, to
be built on a a 27-acre site. Magnolia Terrace II is a proposed
36-unit apartment complex in Fort Valley, Georgia, to be built adjacent to
the 50-unit Phase I. Pecan Grove II an 64-home subdivision in Waynesboro,
Georgia that is presently 80% complete.
(10/18/2007)
Stephen
M. Munier joins HDi as a Senior Project Manager and Equity
Partner in Bridgeland Development
Steve brings over 20 years experience to HDi and Bridgeland with a broad
background in real estate, including appraisal and consulting, development
of environmentally contaminated properties, and most recently, as a
Construction Manager/Owner's Rep in New York City working on projects such
as the renovation of the Metropolitan Museum of Art and Columbia
University's new Manhattanville campus.
HDI will continue to fulfill its obligations as developer of record for its
12 projects, while Bridgeland will be used going forward for new projects.
For Bridgeland, Gary Hammond will hold the title of Chairman and CEO and
Steve will hold the title of President and COO.
(10/18/2007)
The
Federal Home Loan Bank selects Blakely Commons for $500,000 AHP
Grant
Blakely Commons, and proposed 64-home subdivision in
Blakely, Georgia, was selected for a $500,000 Affordable Housing Program
Grant. SunTrust Bank is the Member Bank and Hammond Development and RHA/Housing
are co-sponsors. The grant represents a small part of the overall funding
plan for Blakely Commons, which also includes Federal and Georgia housing
credits and a conventional loan with a USDA 538 guarantee.
(07/13/2007)
DCA HOME and Washington Mutual Permanent Loans
Convert at Pinewood Park
Pinewood Park, a 148-unit apartment complex in Macon,
Georgia, reached its final development milestone of loan conversion. The
project has been very successful in terms of schedules and budgets as well
as market acceptance. Pinewood Park serves a vital need for affordable
rental housing in Macon-Bibb County and would have not been possible without
the assistance and support of the Georgia Department of Community Affairs,
the Macon Housing Authority, its lender and investors, joint-venture
partners, and city and county government departments and officials.
(July 2007)
Three Applications Submitted for Federal and
Georgia Housing Credits in 2007 Competitive Round
HDi submits three applications for 2007 housing credits:
Blakely Commons, Magnolia Terrace II, and Pecan Grove II. Blakely Commons is
a proposed 64-home subdivision in Blakely, Georgia. Magnolia Terrace II is a
36-unit apartment complex adjacent to it's Phase 1- 50 units in Fort Valley,
Georgia. Pecan Grove II is an application for additional credits for the
under-construction, 64-home subdivision in Waynesboro, Georgia.
(05/04/2007)
Construction
begins on Pecan Grove, Phase II
Phase II of the Pecan Grove Subdivision will consist of 44
three-bedroom and 20 four-bedroom homes on a 22-acre site in Waynesboro,
Georgia. Financing was provided by the Federal Home Loan Bank, SunTrust
Bank, National Equity Fund, and Affordable Equity Partners. Site
construction is being performed by The Paradigm Group and the homes are
being constructed by Horton Homes and Ritchie & Associates. Completion is
scheduled for December 2007. Phase II will expand the Pecan Grove
subdivision to 104 homes in total. Special thanks go out to the city staff
and leaders, the Griffin family, our investors and lenders, and the numerous
attorneys, engineers, and professionals that worked tirelessly to make this
project a reality.
(04/13/2007)
Industry Veteran Richard Lisska Joins HDi
We are very pleased to welcome Richard "Dick" W. Lisska to
Hammond Development as Asset Manager. Dick has almost 30 years experience in
real estate, having started his real estate career with Johnstown American
Companies in Atlanta where he rose in ranks to Vice President of Asset
Management. Other positions includes Section Chief with the FDIC, Asset
Manager with the Related Management Companies, and Regional Property Manager
with Lincoln Property Company and AIMCO. Richard holds a MBA from Georgia
State University in Finance.
(03/26/2007)
Pinewood Park and The Park at Mt. Zion
wrap up construction
A substantial completion certificate was issued for Pinewood
Park in November 2006 and for The Park at Mt. Zion (fka/ Provence Place) in
December 2006. Both projects were completed on budget. The Park at Mt. Zion
was completed on schedule as well, while Pinewood Park achieved 100%
occupancy in November.
(01/04/2007)
Magnolia Terrace, Phase II, receives a
$300,000 AHP Grant from the Federal Home Loan Bank
The AHP Grant is one step towards a successful 2007
application for housing tax credits. Magnolia Terrace did not receive a
funding allocation in the 2006 tax credit round due partially to not
receiving the AHP Grant in 2006 . The project will consist of 36 units
adjacent to the existing 50-unit Phase I.
(01/04/2007)
Georgia DCA selects Pecan Grove Homes
for housing tax credit awards
Both Pecan Grove Homes Phase I and Phase II received an
allocation of 2006 housing credits. Pecan Grove I consists of 40
three-bedroom homes, which were completed and leased in mid 2006. The
additional tax credits will allow for additional improvements to the project
and stronger financing. The project is currently 100% occupied. Pecan Grove
II will consist of three- and four-bedroom homes totaling 64 on an adjacent
site. The project is expected to break ground in January 2007 and be
completed by December 2007.(10/03/2006)
Magnolia Terrace, Phase II, misses cut in
2006 competitive round
Unfortunately, Phase II of Magnolia Terrace did not receive
a funding allocation in the 2006 tax credit round. The project would have
consisted of 36 units adjacent to the existing 50-unit Phase I. The project
passed market and other threshold requirements but lost points during the
scoring process and did not make the cut. This was primarily due to
not receiving the AHP grant from the Federal Home Loan Bank. HDi intends to
reapply for 2007 credits and bring this much needed project to the residents
of Fort Valley and has already taken steps to shore up points for 2007. HDi
reapplied for the AHP grant in September 2006.
(10/03/2006)
HDi finishes construction and lease-up
of Pecan Grove Homes
Pecan Grove Homes consists of 40 single family homes in
Waynesboro, Georgia. Construction was completed in July 2006 by the Paradigm
Group and Ritchie & Associates and the project reached 100% occupancy in
August 2006. Leasing and management are handled by Community Management
Services.
(09/11/2006)
HDi restarts development of Pecan Grove
Homes, Phase I
Pecan Grove Homes consists of 40 single family homes for
rent in Waynesboro, Georgia. The project was originally awarded housing
credits in 2002, but with permission the credits were swapped in 2005. The
project stalled in January 2006 when funding ran out. Working with the
Georgia DCA, National Equity Fund, Regions Bank, and Community Development
Trust, HDi orchestrated a replacement of the General Partner and became the
developer of record. Construction and lease-up are expected to be achieved in
June 2006.
(05/15/2006)
Three applications for 2006 Housing Tax
Credits submitted in Georgia
Working with nonprofit partners, HDi submitted three
applications in Georgia. HDi will serve as developer of record for each,
while the nonprofit will be the General Partner. Applications submitted were
for 36 units of family housing in Fort Valley, Georgia, 64 units of single
family rental housing in Waynesboro, Georgia, plus an application for
additional credits on 40 units of soon-to-be-complete single family homes in
Waynesboro, Georgia. Each project will be financed with an AHP Grant from
the Federal Home Loan Bank, syndication of federal and state low-income
housing tax credits, and a conventional loan.
(05/15/2006)
Provence Place Apartments given new
life as renovation restarts
Park-Hammond Developer, LLC, working in collaboration with
the Georgia Department of Community Affairs, AmSouth Bank, and MMA
Financial, issued Notice to Proceed to Empire Construction of Tennessee and
the The Paradigm Group to begin renovation of the Provence Place Apartments.
Provence Place was acquired by PRS/Foundation Development in 2004 and
construction stalled in 2005 with the demise of PRS. The project consists of
the acquisition and substantial rehabilitation of 193 units in two and
three-bedroom floor plans. Located along Mount Zion Road in Jonesboro, the
project is conveniently located within minutes of a major mall and shopping
district at Mount Zion Boulevard and Interstate 75. Ambling Management
Company will handle leasing and management.
(03/09/2006)
Fire destroys Jordan
Mills complex
According to news reports, a fire burned through the mill
complex on October 23, 2005; the cause of the fire is under investigation.
Based on our inspections, few structures are salvageable and we have already
begun looking at proceeding with the project with new construction under
similar financing sources. Presently, we are working with the Georgia
Department of Community Affairs to hold on to our 2005 reservation.
(11/22/2005)
HDi explores role in Provence Place
Apartments in Jonesboro, Georgia
HDI, in partnership with Park Development under the
Park-Hammond Developer operating entity, is working with AmSouth Bank to
finish construction and lease-up of Provence Place Apartments. Provence
Place was acquired by PRS/Foundation Development in 2004 and construction
stalled in 2005 with the demise of PRS. The project consists of the
acquisition and substantial rehabilitation of 193 units in two and
three-bedroom floor plans. Located along Mount Zion Road in Jonesboro, the
project is conveniently located within minutes of a major mall and shopping
district at Mount Zion Boulevard and Interstate 75. If approved,
Park-Hammond and its principals would replace the Developer and General
Partner entities.
(11/22/2005)
Final source of funding secured for
Jordan Mills
Jordan Mills was one of 34 projects selected
by the Georgia Department of Community Affairs for housing tax
credit funding as part of the 2005 competitive round; forty-nine
projects applied. This is the final anticipated funding source,
which will include a Federal Home Loan Bank AHP Grant, a
conventional loan, and equity raised from the sale of state and
federal housing tax credits and historic tax credits. When
complete, Jordan Mills will provide homes to 101 households aged
55 years and older. HDI will co-develop the project with
Affordable Housing Solutions, Inc., which will also be the sole
non-profit General Partner. We are grateful for the opportunity
that the DCA has provided us to bring high quality housing to
Columbus' seniors.
(10/05/2005)